The contentious stablecoin operator, Tether, is all set to issue a new stablecoin, CNHT, pegged to CNH, offshore Chinese Yuan Renminbi. The news was confirmed by Zhao Dong of DGroup, who spoke to ChainNews on August 21. RenrenBit, the digital asset management platform of Bitfinex shareholder, Zhao Dong, will be the first firm to invest in and back CNHT.
Primitive Ventures’ Dovey Wan gave her own thoughts on the news, tweeting,
A few thoughts here please chime in
1. I don’t see enough demand for CNHT and alike, as local Chinese will still trade $USDT with CNY, if it’s CNH it will be the same as USD
2. Not sure what’s the material upside of having CNHT for Tether, plus pissing of Chinese regulator
— Dovey Wan ? ? (@DoveyWan) August 21, 2019
Story is being updated.
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